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Piracy, A Threat To NNPC Operations -GMD 

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The Nigerian National Petroleum Corporation (NNPC) has described piracy and other criminal vices in the nation’s waterways as a threat to the corporation.
This is as the corporation said the nation lost about $750 million to oil theft in 2019.
The amount is about N230 billion at the official CBN exchange rate of N306 to $1.
This was contained in a statement by the NNPC Acting spokesman, Samson Makoji, on Wednesday.
The Group Managing Director, Mallam Mele Kyari, was quoted to have stated this during a presentation to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) who visited his office.
Kyari noted that any threat to the corporation’s operations was a direct threat to the very survival of Nigeria as a nation because of the strategic role of the corporation as an enabler of the economy.
The GMD listed other security challenges facing the corporation to include vandalism of oil and gas infrastructure and kidnapping of personnel, adding that there was a deep connection between the various shades of insecurity challenges as they are all linked to what was happening in the Gulf of Guinea and the entire maritime environment.
He called for a concerted effort and synergy to secure oil and gas operations for the economic survival of the country.
Also speaking, the NNPC Chief Operating Officer, Downstream, Engr Yemi Adetunji, said in 2016, the Gulf of Guinea accounted for more than half of the global kidnappings for ransom.
He noted that out of 62 kidnap cases globally, 34 involved seafarers.
Adetunji, however, stated that the NNPC was working closely with security agencies to tackle the security challenges, and cited the “Operation Kurombe” that was recently conducted by the Nigerian Navy at the Atlas Cove as an example of such collaborative efforts.

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COVID-19: CBN Grants Two-Week Market Holidays To BDCs

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The Central Bank of Nigeria (CBN) has granted a two- week market holidays to the Bureaux De Change operators.
This followed a request by the Association of Bureaux De Change Operators of Nigeria to the CBN for the regulator to grant it market holidays, given the ongoing challenges faced in local and global economies due to the impact of the Coronavirus (COVID -19) pandemic.
In a notice  to BDC operators and directors,  ABCON President, Alhaji Aminu Gwadabe, said the CBN’s approval meant that sales of foreign exchange to BDCs is now suspended till further notice.
Gwadabe also advised the  public not to go into panic buying, hoarding  and partronasing  the street traders as  the CBN has enough reserves to sustain supplies when the BDCs return to operations.
The CBN had also acknowledged the contributions of BDCs in promoting stable exchange rate in recent months despite challenging circumstances facing the Forex market due to drop in crude oil prices.
Gwadabe advised members to observe strict guidelines on the preventive measures on the dangers of the COVID 19, wear their mask, gloves, and frequent washing of hands.
“We also want to advise members to  strictly  comply with their regulatory obligations on their daily operation. If you are trading, be cautious not to fall under the hand of security agencies. Don’t be involved in giving black market rates,street trading  as doing so might create regulatory breach,” he said.
Gwadabe said that  CBN/NFIU were tracking large movements of funds within the financial sector and noted the need to be cautious.
“Once again, accept our continuous assurances on serving you better as we continue to ponder on lasting solutions to the growing challenges facing our operations amongst them, crowd management, expansion of scope of our buisiness, lesser penalties, automation, among others,” he stated.

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…Suspends Cheque Clearing Amidst Lockdown

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The Central Bank of Nigeria (CBN) has suspended clearing of cheques until further notice following the lockdown in Lagos, Ogun  and FCT to contain the spread of COVID-19 pandemic.
The suspension was announced in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the Director of Banking Services at CBN, Mr Sam Okojere.
President Muhammadu Buhari had, on Sunday ordered a lockdown in Lagos, Ogun and the FCT with effect from 11 p.m. on Monday, March 30 FCT), as a response to contain the coronavirus (COVID-19) pandemic.
The bank explained that in view of these developments and in furtherance to the Bank’s effort to ensure hitch-free clearing and settlement activities, the CBN had therefore suspended it until further notice.
The apex bank further stated that the clearing of cheques instruments in the Nigerian clearing started from March and for the avoidance of doubt, no fresh cheque instrument would be allowed to pass through March 31.
The CBN noted that only returned cheque would be treated on the said date.
“However, settlement activities for electronic instruments will continue to hold during this period of suspension”, it said.

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Nigeria’s Economy Fragile Before COVID-19 Pandemic –Finance Minister

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The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that prior to the outbreak of the coronavirus pandemic, the Nigerian economy was already fragile.
She said this in a statement issued by her Special Adviser on Communication, Mr Yunusa Abdullahi, on Monday in Abuja.
Ahmed, according to the statement, said this during her meeting with the leadership of the National Assembly where she spoke on implications of the global economic crisis on Nigeria.
The coronavirus pandemic had led to unprecedented disruptions to global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, the lockdown of large swath movements of persons in many countries, among others.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
But the finance minister said that prior to the outbreak which had led to decline in crude oil prices, the Nigerian economy was already fragile, vulnerable and deteriorating.
She said the global economic downturn had forced international oil prices to drop to as low as $22 per barrel.
The minister said international travels and trade had been severely disrupted, while demand for goods and services is deteriorating as a result of the social distancing policies.
This, she said had led to financial markets uncertainty which had resulted into capital flows’ reversal from emerging and frontier markets such as Nigeria.
She said, “Increasing pressure on the naira and foreign reserves as the crude oil sales receipts decline and the macroeconomic outlook worsens.
“Central Bank of Nigeria, just as in other countries, has resorted to quantitative easing, by reducing interest rates to support economic activity and governments announcing fiscal stimulus plans for healthcare and social safety nets.”
She said the government was working on a fiscal stimulus package to cushion the impact of the crisis on the most vulnerable individuals and communities.

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